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ceiling on his own authority. republicans were quick to answer the chief executive's criticism. senate minority leader mitch mcconnell said in a statement the president and his allies need to get serious about spending and the debt limit debate is the perfect time for it. and speaker of the house john boehner said the consequences of failing to increase the debt ceiling are real but so too are the consequences of allowing our spending problem to go unresolved. the spending and debt issues took most of the president's attention today, but he also turned to the issue of gun violence. after the shootings at an elementary school in newtown connecticut, he appointed vice president biden to come up with recommendations for action. the vice president met with lawmakers today and with groups on both sides of the issue last week. plans to submit proposals by tomorrow. president obama would not discuss specifics today. instead he said this. >> i'm confident that there are some steps that we can take that don't require legis
ceiling on his own authority. republicans were quick to answer the chief executive's criticism. senate minority leader mitch mcconnell said in a statement the president and his allies need to get serious about spending and the debt limit debate is the perfect time for it. and speaker of the house john boehner said the consequences of failing to increase the debt ceiling are real but so too are the consequences of allowing our spending problem to go unresolved. the spending and debt issues took...
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Jan 15, 2013
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debt and deficit under control, but does he think the debt ceiling is the leverage that republicans should use to get that done? he'll join us exclusively, and i know you're going to ask him about that. >> absolutely. >> let's check out the action on the street right here. here's how things are shaping up with less than an hour to go. the dow jones industrial average hitting basically at the highs of the day. had been down around 60 points earlier. talking about a gain of 20 points on the blue chip average. fractional move at 13,527. nasdaq chart pattern looks similar. take a look though it's negative. down about nine points on the nasdaq, a quarter points lower and the s&p 500 looks like this. similar chart pattern as the dow up a fraction on the standard & poor's but still that's the high of the afternoon. let's get more on the markets in today's "closing bell" exchange by hank smith and steve from comcast funds and our own rick santelli. >> hello. >> good to see you guys. >> thank you so much for joining us. >> hank smith, we haven't heard from you in a while. let me kick this of
debt and deficit under control, but does he think the debt ceiling is the leverage that republicans should use to get that done? he'll join us exclusively, and i know you're going to ask him about that. >> absolutely. >> let's check out the action on the street right here. here's how things are shaping up with less than an hour to go. the dow jones industrial average hitting basically at the highs of the day. had been down around 60 points earlier. talking about a gain of 20 points...
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in the senate on the republican side. i said this with some caution. there has been, in a sense, a radicalization of the republican conference in the house and i think the results above are shown in the difficulty the speaker had in the last few weeks. so i'm not saying there hasn't been any change, that we should perhaps discuss this and debated. i think in terms of mainstream america at the republican ranks have changed much more dramatically than half the democratic, the texture of the democratic caucus. as i look about, i think i've been part of a the mainstream within the democratic party and i think basically that mainstream -- look, we are willing to sit down and talk about further budget cuts. our insistence is that there has to be a revenue and a major ingredient. the american people basically agree with that, mark. the american people basically said there has to be balance. the american people basically say, set in terms of income and inequality in this country that we were out of kilter. and i'll just close wit
in the senate on the republican side. i said this with some caution. there has been, in a sense, a radicalization of the republican conference in the house and i think the results above are shown in the difficulty the speaker had in the last few weeks. so i'm not saying there hasn't been any change, that we should perhaps discuss this and debated. i think in terms of mainstream america at the republican ranks have changed much more dramatically than half the democratic, the texture of the...
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Jan 15, 2013
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we'll have more on the debt ceiling in the next hour when we speak to senator rob portman. you guys, wilbur, you also said we have -- we are fully ready with inflation, we have all the tools we need to exit. >> well, i caution a little bit. historically the fed has always bought short-term paper and it's easy then to raise the interest rates. again you let the paper roll off, you sell it. now they've been buying long-term paper. rates start to go up, fed could get creamed in terms of their own balance sheet, because of the losses. if rates went to their ten-year average, the fed portfolio would be down 23%. they don't have 23% equity. >> and richard, i saw bill miller came back with a vengeance this year betting on housing, and financials. >> yes. >> and huge returns. i mean 40% i'm thinking. >> so did you -- you watched that happen in your business? >> yes, yes. and you know, we're seeing the housing business stabilizing, you know, part of that is we've got a little better job creation in the economy and we're kind of working on ways to work slowly and credit markets are a
we'll have more on the debt ceiling in the next hour when we speak to senator rob portman. you guys, wilbur, you also said we have -- we are fully ready with inflation, we have all the tools we need to exit. >> well, i caution a little bit. historically the fed has always bought short-term paper and it's easy then to raise the interest rates. again you let the paper roll off, you sell it. now they've been buying long-term paper. rates start to go up, fed could get creamed in terms of...
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senator, he voted against raising the debt ceiling. and he said it was a lack of leadership that had brought us to this point. and so i would, at the beginning of this congress, hope that the president would make this a new start, where we could look at this, and that we'll actually get a budget in place. the senate hasn't passed a budget now for four years. the president, unfortunately, yesterday, said that he's going to delay his budget. even though the law says that he's supposed to submit the budget by february 4th. that is concerning to me. that we are on auto pilot. that the federal government continues to grow, continues to -- we're continuing to spend more money, and we need the president to join in this effort to get our fiscal house in order. >> you're quoted in telling politico that a government shutdown seems surely possible. you said in part that i think it's possible that we would shut down the government to make sure president obama understands that we're serious. and the point president obama is making, and has been mak
senator, he voted against raising the debt ceiling. and he said it was a lack of leadership that had brought us to this point. and so i would, at the beginning of this congress, hope that the president would make this a new start, where we could look at this, and that we'll actually get a budget in place. the senate hasn't passed a budget now for four years. the president, unfortunately, yesterday, said that he's going to delay his budget. even though the law says that he's supposed to submit...